Lan, a high-profile businesswoman who chaired a sprawling company that developed luxury apartments, hotels, offices, and shopping malls, was formally charged with fraud amounting to $12.5 billion—nearly 3 percent of the country's 2022 gross domestic product (GDP). More than 80 others, including central bank officials, have been implicated in the case, which was first filed in 2022 and has prompted a crackdown on corruption.
Amid the intensified investigative climate, authorities are being more cautious, resulting in longer approval processes from enhanced due diligence measures, lawyers in Vietnam told Law.com International. "People are more measured," said Yee Chung Seck, a Ho Chi Minh City-based partner at Baker McKenzie. "This means that due diligence and licensing approvals tend to take longer as people are asking more questions to be more robust.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natasha Teja
Natasha Teja is a Singapore-based correspondent for Law.com International. She writes about legal and regulatory issues across Asia. Her coverage includes the business of law at international and regional law firms and in-house legal departments, major litigation and arbitration, and the impact of regulatory decisions on law firms and global companies. She can be reached at [email protected].
